Using the following table, calculate the taxes for an individual with taxable income of $30,000. $$\begin{array} { l r }
10 \% & \text { Up to } \$ 8,500 \
15 \% & \$ 8,500 - \$ 34,500 \
25 \% & \$ 34,500 - \$ 83,600 \
28 \% & \$ 83,600 - \$ 174,400 \
33 \% & \$ 174,400 - \$ 379,150 \
35 \% & \text { Over } \$ 379,150
\end{array}$$

Question

Using the following table, calculate the taxes for an individual with taxable income of $30,000. $$\begin{array} { l r } 
10 \% & \text { Up to } \$ 8,500 \
15 \% & \$ 8,500 - \$ 34,500 \
25 \% & \$ 34,500 - \$ 83,600 \
28 \% & \$ 83,600 - \$ 174,400 \
33 \% & \$ 174,400 - \$ 379,150 \
35 \% & \text { Over } \$ 379,150
\end{array}$$

Quizplus · Accepted Answer

For an income of $30,000, we need to find the tax rate for the income within the second bracket.

Taxable income in second bracket = $30,000 – $8,500 = $21,500

Therefore, the tax for the second bracket can be calculated as:

$21,500 × 0.15 = $3,225

Hence, the total tax amount for taxable income of $30,000 is:

$850 (tax in first bracket) + $3,225 (tax in second bracket) = $4,075

Therefore, the correct answer is (C).

Using the Following Table, Calculate the Taxes for an Individual